Crypto Crash: Traders Face $1.7B Liquidation in Just 24 Hours

Key Points

• The cryptocurrency market experienced its most significant single-day liquidation in 24 hours, impacting ETH and DOGE holders.
• Bitcoin dominance increased, indicating a possible continuation of the bearish trend for altcoins.

Market Impact

• The global cryptocurrency market capitalization decreased by 4.11%, reaching $3.47 trillion.
• Trading volume increased by 114.40% to $352.9 billion as investors reacted to market volatility.
• Market experts predict a delay in the anticipated altcoin rally due to current market conditions.

Altcoins and Bitcoin Dominance

• Bitcoin (BTC) dominance increased significantly in the past 24 hours, rising from 56.86% to 57.90%.
• This increase suggests a shift in market dynamics, with Bitcoin gaining strength.
• The rise in Bitcoin dominance could extend the bearish outlook for altcoins.

Largest Liquidation Losses

• Ethereum and Dogecoin suffered the largest liquidation losses among altcoins during the recent market downturn.
• The total losses for these two cryptocurrencies exceeded $350 million, with Ethereum losing $249.48 million and Dogecoin contributing $101.08 million.
• Long traders were heavily impacted, losing $213.28 million on Ethereum and $83.13 million on Dogecoin.

A potential recovery would require increased demand for these assets, potentially driven by major investors acquiring them at lower prices. If this occurs, a rebound could happen sooner than expected.